Yandex Sinks on Profit Concern as Google Grows: Russia Overnight
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Yandex NV tumbled the most this year on speculation the owner of Russia’s most popular Internet search engine will report net income faltered last quarter as competitors such as Google Inc. encroached on its market share.
Yandex, which reports first-quarter earnings tomorrow, slumped the most since Dec. 12 in New York, pushing its valuation to 26.1 times estimated earnings, the cheapest level since March 12. The Bloomberg Russia-US Equity Index of the most-traded Russian companies in the U.S. was little changed yesterday at 101.75, the lowest since Jan. 24, while futures expiring in June on Russia’s dollar-denominated RTS Index were steady at 152,840 in U.S. trading.